Range Resources 3Q15: Marcellus Prod Up 27%, but $301M Net Loss

I love quarterly reportsRange Resources, the driller that started it all in the Marcellus when they drilled the very first Marcellus Shale well in 2004, released their third quarter 2015 update yesterday. There is a LOT in this very readable and informative update. For example: Marcellus production volumes averaged 1.3 billion cubic feet equivalent per day (Bcfe/d) in 3Q15, an increase of 27% over 3Q14. During the quarter Range brought online their second Utica well drilled in Washington County, PA–the Claysville Sportsman’s Unit 9H. By all accounts Range expects it will be even more productive than the first Utica well they drilled (also in Washington County). A third Utica well is being drilled now and will be completed in early 2016. Range drilled a total of 25 wells in 3Q15, and brought 31 wells online. They are on target to spend $870 million on drilling in 2015–most of it in the Marcellus/Utica. Range reports the Mariner East 1 pipeline will be, according to Sunoco Logistics, fully operational by the end of the year–with ethane beginning to flow “within the next month.” Costs are down and Range gets more than many others for the gas and NGLs they sell. But amidst all of the good news, you can’t miss the fact that they lost $301 million in 3Q15…

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